CBN addresses reports on withdrawing new Naira notes from circulation

Reports claiming that the Central Bank of Nigeria (CBN) intends to withdraw the newly redesigned Naira notes have been debunked by the apex bank.

In an official statement released on Sunday, April 30 and signed by the acting Director of Corporate Communications, Isa AbdulMumim, the CBN described the rumours as an attempt to spread fear among the public.

The statement further explained that both the new and old notes have been in circulation simultaneously and that the bank has been receiving a significant amount of the redesigned notes from the Nigerian Security Printing and Minting Company Limited.

The CBN assured the public that it remains committed to ensuring an adequate supply of banknotes to facilitate economic activities, and reiterated that both the old and new notes will continue to be accepted as legal tender for transactions until December 31, 2023.

CBN on Withdrawing New Naira Notes

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.

“We wish to reiterate that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy.

“We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.

”For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender.

“They will circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out. Please be guided accordingly.”